Presentation on theme: «MEFA’s Guide to School Financial support.»- Demonstration transcript:
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2 Regarding MEFA MEFA is a not any longer-for-money state expert that works to make advanced schooling much more available and you may affordable thanks to community education applications, university coupons agreements and you will reduced-rates capital choices. MEFA developed the You.Fund® together with You.Plan® college or university deals arrangements features given sensible fixed interest rate university money having 3 decades. MEFA possess helped hundreds of thousands of household inside financial support a good college degree.
step three Action-by-action suggestions to walk you through the process Units & Information Indication-up elizabeth-Guide Ask a specialist Videos/ Social network
cuatro Discussion Subject areas What exactly is financial aid? Just how do college students apply? How is school funding choices produced? Exactly what do school funding prizes feel like? Just how can family shell out its show off university costs? Exactly what totally free resources are available to help group?
5 Summary of Financial aid Student College student Help ($177.6 Billion) Brand of school funding: Gives and you may scholarships Works-analysis Fund Provider: The college Board, Styles from inside the Pupil Help 2011 *Source: The school Panel, 2011 Fashion within the College student Support
six Sources of Educational funding Government Offers, work-investigation, funds Massachusetts Has, scholarships and grants, university fees waivers, fund College or university/College or university (organization aid) Gives, grants, money Exterior Firms Grants
7 Government College loans Scholar ‘s the just borrower Zero co-debtor otherwise credit assessment No repayments owed when you find yourself enlisted Government Direct Stafford Financing 2 types: Sponsored – Fixed interest regarding step 3.4% begins just after graduation Unsubsidized – Repaired interest out-of 6.8% begins immediately Federal Perkins Loan Repaired 5% interest rate begins shortly after graduation Financing access varies by university; not absolutely all universities participate
8 You desire-Situated Help Issued predicated on family members’ economic qualification influenced by standard formula Comes with features, finance and you can/or performs-investigation Every federal and more than state and you will institutional assistance was granted considering monetary eligibility
9 Quality-Dependent Services Approved for the recognition out-of scholar profits (instructional, artistic, athletic, etcetera.) Programs are often compared against almost every other students whom incorporate Get or may possibly not be renewable
ten Financial aid Apps 100 % free App to own Government College student Services (FAFSA) Necessary for every colleges getting federal and you may MA condition support 100 % free means Internal revenue service Study Retrieval Product On the internet software recommended (FAFSA.gov) CSS/Educational funding Character® Required by certain universities getting institutional help Cost related: $twenty five to have earliest college or university, $sixteen for every additional On the internet software expected Noncustodial Moms and dad Character expected whenever applicable University Financial aid Software Necessary for particular universities Usually part of the admissions packet Apps have to be completed on a yearly basis
eleven FAFSA Big date Massachusetts 100 % free assistance from inside the finishing the fresh FAFSA! Sunday, Over 25 metropolitan areas across the Massachusetts Head to for further schedules and you will metropolises close by
MEFA’s Guide to School Financial support
12 What takes place When you Incorporate? Universities and condition located study electronically You will located (digitally or of the post): Scholar Support Report (SAR) CSS/Financial aid Character® acknowledgement report Review for precision and sustain getting suggestions Colleges can get request confirmation data files
thirteen Expected Family members Contribution (EFC) A computation regarding simply how much children has the capacity to contribute for the student’s studies for starters 12 months Calculated utilizing the same formula for each and every members of the family, inputting research away from financial aid programs Family comes with the number 1 obligation getting causing the newest student’s training Not always precisely what the family will pay over the course of the season Trip to play with an EFC calculator
14 EFC Formulas Government and you can organization formulas are different Federal formula getting MA and government services Institutional algorithm to own the aid of some universities Comes with income and you may asset defense allowances Mother or father and you can student suggestions addressed in another way Does not include personal debt like handmade cards, automotive loans otherwise unsecured loans
fifteen Advantage Effect – Relatives Dimensions: cuatro Mother income remains height, property improve Family A family B Nearest and dearest C Income $sixty,000 Possessions $0 $75,100 $150,000 EFC $3,930 $5,117 $8,348 Distinction $step one,187 $4,418 This case was a price simply. According to Government Methods (one young child within the school).
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16 Money Impact – Household members Dimensions: cuatro Parent property are still level, earnings increases Household members A household B Members of the family C Earnings $sixty,one hundred thousand $100,100000 $150,100000 Assets $fifty,000 EFC $4,260 $a dozen,832 $twenty-seven,147 Variation $8,572 $twenty-two,887 This case are a quote only. Considering Federal Methodology (one child when you look at the college).
17 School funding Algorithm Cost of Attendance (COA) – Questioned Family unit members Share (EFC) = School funding Eligibility Universities complete Educational funding Qualifications with financial the assistance of numerous provide
18 Stop by at know about websites rates hand calculators The Algorithm Functions Cost of Attendance Trip to understand internet speed hand calculators
19 Educational funding Awarding COA $31,100000 – EFC $5,000 = Economic Qualifications $25,100 – Scholarships/Features $15,100000 – Student loan $5,five hundred – Government Performs-Research $1,500 = Unmet You prefer $step 3,100 Unmet You want $step 3,100000 Federal $1,five-hundred Really works-Analysis Scholar $5,five hundred Loan Give $7,five hundred Grant $eight,500 EFC $5,100000 Price of Attendance (COA) This case try a quotation only.
20 Evaluating Award Characters: Award Totals Vary COA: $31, EFC: $5, Full Eligibility: $25,000 School Elizabeth School F College G Features/Scholarships $18,000 $fifteen,100 $10,100000 College loans $5,five-hundred Performs-Studies $step one,five hundred Full $twenty-five,000 $22,100000 $17,100 Unmet You need $0 $step 3,100 $8,000 This situation try an offer just. Trip to supply a college Pricing Calculator
21 Comparing Prize Characters: Award Totals Is Equivalent COA: $29, EFC: $5, Complete Eligibility: $25,100 School Elizabeth University F School G Gives/Grants $15,000 $5,000 $0 Student education loans $5,500 Parent Loan $ten,100 $16,500 Functions-Investigation $step 1,five-hundred Complete $twenty-two,000 Unmet Need $step three,100000 This example is actually a price just.
22 Path In order to Paying the Balance due Favourite College or university Balance $20,one hundred thousand Early in the day Income Pupil Savings -$1,five hundred Moms and dad Deals -$4,100 Present Earnings Pupil Contribution so you’re able to Payment Package -$1,000 Parent Share to Commission Bundle -$step 3,five-hundred Future Earnings Education loan -$ten,one hundred thousand $0 Analogy
23 A few When selecting a loan What’s the interest rate and Apr? Is the interest rate fixed or adjustable? Fixed: steady, monthly premiums unaffected from the discount Changeable: change based on sector standards; flexible funds required That is the key borrower (beginner or parent)? When does the mortgage fees initiate? How much cash usually the newest payment be? Just how many decades could you be and make money?
twenty-four Following Invited Local Seminars More twenty-five Cities Across Massachusetts inside the later March/April Follow-to College or university Money Discussion to add trick, punctual recommendations Information include: Understanding prize characters and debts Loan choice (parent and you may pupil) Payment Agreements Coping with the new Financial aid Office for unique issues for example job loss or other reduced total of earnings Register for MEFA s to get location information
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